Congressional Roll Call: Week of Oct. 28

Published: Sunday, November 3, 2013 at 4:30 a.m.

Last Modified: Friday, November 1, 2013 at 4:35 p.m.

WASHINGTON — Here's how North Carolina members of Congress voted on major issues in the week ending Nov. 1.

House

FIDUCIARY STANDARDS FOR FINANCIAL ADVISERS: The House on Oct. 29 voted, 254 for and 166 against, to sidetrack regulations that would impose fiduciary standards on virtually all entities that sell personalized financial advice to retail (non-institutional) investors. Now awaiting Senate action, the bill (HR 2374) would indefinitely delay Securities and Exchange Commission (SEC) and Department of Labor (DOL) rulemakings now underway. At present, only some advisers and brokers in the financial-services industry are obligated by law to follow fiduciary standards in dealings with their retail customers. This bill would greatly broaden the applicability of the standards, which require, in part, that financial professionals to put clients' best interests ahead of their own in recommending investments.

The SEC regulations targeted by this bill stem from language in the Dodd-Frank financial-regulation law to protect unwary small investors in their financial dealings. The DOL regulations at issue would modernize investor protections first codified in the 1974 Employee Retirement Income Security Act.

A yes vote was to send the bill to the Senate, where its future is bleak.

RETIREMENT-ACCOUNT PROTECTIONS: Voting 195 for and 223 against, the House on Oct. 29 defeated a Democratic bid to ensure that HR 2374 (above) does nothing to weaken Department of Labor protections against fraud in seniors' and veterans' pensions, 401(k) accounts and other retirement-savings accounts.

DERIVATIVES, FINANCIAL DEREGULATION: The House on Oct. 30 voted, 292 for and 122, to scale back derivatives rules in the 2010 Dodd-Frank financial-regulation law as they apply to large banks and other major financial institutions. This bill (HR 992) would exempt transactions such as commodity swaps, equity swaps and certain credit-default swaps from rules imposed by Dodd-Frank on the $600 trillion-plus derivatives market in response to the U.S. and global financial meltdown in 2008. Those rules, in part, require banks to “push out” their riskiest derivatives activity into entities whose losses are not federally insured and which do not receive preferential Federal Reserve borrowing rates. The bill is now before the Senate.

A yes vote was to send the bill to the Senate, where it is likely to be shelved.

OIL AND BIOFUEL SPECULATION: Voting 190 for and 223 against, the House on Oct. 30 defeated a Democratic motion to preserve in HR 992 (above) the ability of federal regulators to police excessive speculation in derivatives markets that could result in the manipulation of oil and biofuel prices.

Senate

GOP FILIBUSTER OF MILLETT NOMINATION: Voting 55 for and 38 against, the Senate on Oct. 31 failed to reach 60 votes needed to end Republican blockage of the nomination of Patricia Ann Millett to sit on the United States Court of Appeals for the District of Columbia Circuit. President Obama nominated Millett, 50, for the position in June. Now in private practice, she formerly was an assistant Solicitor General. This court is regarded as the most powerful of the 13 federal appeals courts because it has jurisdiction over rulemakings by federal agencies. Chief Justice John Roberts and three other current Supreme Court justices were once D.C. circuit judges.

The 11-seat court is now split between four judges nominated by Republican presidents and four chosen by Democratic presidents, with Millett slated to fill one of the three vacancies. Because she would tip the balance in favor of Democratic nominees, Senate Republicans mounted this filibuster to keep her off the court, prompting Democrats to consider changing Senate rules so that she and other judicial nominees could be confirmed by simple majority votes.

A yes vote was to advance the Millett nomination.

Voting yes: Democrat Kay Hagan

Voting no: Republican Richard Burr

GOP FILIBUSTER OF WATT NOMINATION: Voting 56 for and 42 against, the Senate on Oct. 31 failed to reach 60 votes needed to end a Republican filibuster against the nomination of Melvin L. Watt, a Democratic congressman from North Carolina, to a five-year term as director the Federal Housing Finance Agency (FHFA). Established in 2008 in the throes of the U.S. housing meltdown, the agency is the lead federal regulator of housing markets, overseeing Fannie Mae, Freddie Mac, the Federal Home Loan Banks and other elements of the U.S. secondary mortgage market.

A yes vote was to advance the Watt nomination.

Voting yes: Hagan, Burr

A look ahead

In the week of Nov. 4, the House will be in recess, while the Senate will debate a bill to outlaw employment discrimination based on sexual orientation or gender identity.

<p>WASHINGTON — Here's how North Carolina members of Congress voted on major issues in the week ending Nov. 1.</p><!-- Nothing to do. The paragraph has already been output --><h3>House</h3>
<p>FIDUCIARY STANDARDS FOR FINANCIAL ADVISERS: The House on Oct. 29 voted, 254 for and 166 against, to sidetrack regulations that would impose fiduciary standards on virtually all entities that sell personalized financial advice to retail (non-institutional) investors. Now awaiting Senate action, the bill (HR 2374) would indefinitely delay Securities and Exchange Commission (SEC) and Department of Labor (DOL) rulemakings now underway. At present, only some advisers and brokers in the financial-services industry are obligated by law to follow fiduciary standards in dealings with their retail customers. This bill would greatly broaden the applicability of the standards, which require, in part, that financial professionals to put clients' best interests ahead of their own in recommending investments.</p><p>The SEC regulations targeted by this bill stem from language in the Dodd-Frank financial-regulation law to protect unwary small investors in their financial dealings. The DOL regulations at issue would modernize investor protections first codified in the 1974 Employee Retirement Income Security Act.</p><p>A yes vote was to send the bill to the Senate, where its future is bleak.</p><p>Voting yes: Republicans Renee Ellmers, Virginia Foxx, Howard Coble, Richard Hudson, Robert Pittenger, Patrick McHenry, Mark Meadows and George Holding, and Democrat Mike McIntyre</p><p>Voting no: Democrats G.K. Butterfield, David Price and Melvin Watt, and Republican Walter Jones </p><p>RETIREMENT-ACCOUNT PROTECTIONS: Voting 195 for and 223 against, the House on Oct. 29 defeated a Democratic bid to ensure that HR 2374 (above) does nothing to weaken Department of Labor protections against fraud in seniors' and veterans' pensions, 401(k) accounts and other retirement-savings accounts.</p><p>A yes vote backed the Democratic motion.</p><p>Voting yes: Butterfield, Jones, Price, McIntyre, Watt </p><p>Voting no: Ellmers, Foxx, Coble, Hudson, Pittenger, McHenry, Meadows, Holding </p><p>DERIVATIVES, FINANCIAL DEREGULATION: The House on Oct. 30 voted, 292 for and 122, to scale back derivatives rules in the 2010 Dodd-Frank financial-regulation law as they apply to large banks and other major financial institutions. This bill (HR 992) would exempt transactions such as commodity swaps, equity swaps and certain credit-default swaps from rules imposed by Dodd-Frank on the $600 trillion-plus derivatives market in response to the U.S. and global financial meltdown in 2008. Those rules, in part, require banks to “push out” their riskiest derivatives activity into entities whose losses are not federally insured and which do not receive preferential Federal Reserve borrowing rates. The bill is now before the Senate.</p><p>A yes vote was to send the bill to the Senate, where it is likely to be shelved.</p><p>Voting yes: Butterfield, Ellmers, Foxx, Coble, McIntyre, Hudson, Pittenger, McHenry, Meadows, Holding </p><p>Voting no: Jones, Price </p><p>Not voting: Watt </p><p>OIL AND BIOFUEL SPECULATION: Voting 190 for and 223 against, the House on Oct. 30 defeated a Democratic motion to preserve in HR 992 (above) the ability of federal regulators to police excessive speculation in derivatives markets that could result in the manipulation of oil and biofuel prices.</p><p>A yes vote was to adopt the motion.</p><p>Voting yes: Butterfield, Jones, Price, McIntyre, Watt </p><p>Voting no: Ellmers, Foxx, Coble, Hudson, Pittenger, McHenry, Meadows, Holding</p><h3>Senate</h3>
<p>GOP FILIBUSTER OF MILLETT NOMINATION: Voting 55 for and 38 against, the Senate on Oct. 31 failed to reach 60 votes needed to end Republican blockage of the nomination of Patricia Ann Millett to sit on the United States Court of Appeals for the District of Columbia Circuit. President Obama nominated Millett, 50, for the position in June. Now in private practice, she formerly was an assistant Solicitor General. This court is regarded as the most powerful of the 13 federal appeals courts because it has jurisdiction over rulemakings by federal agencies. Chief Justice John Roberts and three other current Supreme Court justices were once D.C. circuit judges.</p><p>The 11-seat court is now split between four judges nominated by Republican presidents and four chosen by Democratic presidents, with Millett slated to fill one of the three vacancies. Because she would tip the balance in favor of Democratic nominees, Senate Republicans mounted this filibuster to keep her off the court, prompting Democrats to consider changing Senate rules so that she and other judicial nominees could be confirmed by simple majority votes.</p><p>A yes vote was to advance the Millett nomination.</p><p>Voting yes: Democrat Kay Hagan </p><p>Voting no: Republican Richard Burr</p><p>GOP FILIBUSTER OF WATT NOMINATION: Voting 56 for and 42 against, the Senate on Oct. 31 failed to reach 60 votes needed to end a Republican filibuster against the nomination of Melvin L. Watt, a Democratic congressman from North Carolina, to a five-year term as director the Federal Housing Finance Agency (FHFA). Established in 2008 in the throes of the U.S. housing meltdown, the agency is the lead federal regulator of housing markets, overseeing Fannie Mae, Freddie Mac, the Federal Home Loan Banks and other elements of the U.S. secondary mortgage market.</p><p>A yes vote was to advance the Watt nomination.</p><p>Voting yes: Hagan, Burr</p><h3>A look ahead</h3>
<p>In the week of Nov. 4, the House will be in recess, while the Senate will debate a bill to outlaw employment discrimination based on sexual orientation or gender identity.</p>